Finance and Business Services Centre 2018 Operational Plan

Transcription

1 Finance and Business Services Centre 2018 Operational Plan The Finance and Business Services Centre 2018 Operational Plan provides detail of the Centre s agreed initiatives which are aligned with the ECU Strategic Plan , World Ready.

2 1 ECU STRATEGIC GOALS AND OBJECTIVES Each team within FBSC, led by the CFO, has been assigned specific Centre Operational Plan Initiatives and will coordinate the relevant resources across University as appropriate. The table below identifies the Top 24 FBSC initiatives for 2018 and their alignment with the University s Strategic Goals. Strategic Goals and Objectives Top 24 FBSC Initiatives / Teams Responsible FBSC Roles 2018 FBSC Themes Impacted Objective 1 Teaching that inspires Strategic Goal 1: Enhancing learning and teaching Objective 2 Transformative learning experiences Objective 3 A globally relevant and innovative curriculum Objective 4 Improved learning outcomes and career readiness 1. Online Delivery Funding Model 2. Intern / Graduate Program 3. Retention Analysis: Systemisation of retention reporting for schools 4. CUOS: Address information gaps to improve key resourcing issues Funding Model / Budget Improvements Process Improvement Efficiency/Service Quality Turning Insights Into Action Turning Insights Into Action Strategic Goal 2: Advancing Research and Knowledge Translation Objective 5 Growth in research capacity and culture Objective 6 Extensive research collaboration 5. Review Research Commercialisation procedures 6. Research Reporting / Acquittal Processes Stewardship Funding Model / Budget Improvements Research Commercialisation Objective 7 Increased knowledge translation 7. Strategic Research Budget Model Research Commercialisation Objective 8 Growth in research training 8. Support Research Growth Research Commercialisation ECU Objective 9 Growth in international enrolments Strategic Goal 3: Growing Internationalisation Objective 10 Strong partnerships and international relations Objective 11 Global education delivery 9. Offshore Campus 10. TNE Financial Support Opportunities for Commercial Investment Opportunities for Commercial Investment Objective 12 An internationalised student experience 11. Extend the scope and footprint of Performance Improvement Process Improvement Efficiency/Service Quality 12. Leverage Analytics and Financial System Functionality Turning Insights Into Action 13. Procurement Hub and Process Improvement Opportunities for Commercial Investment 14. Budget and Reforecast process Funding Model / Budget Improvements Objective 13 High-performance culture 15. Align Resource Allocation Model to ECU Strategy 16. Review strategic reporting capabilities within HR Funding Model / Budget Improvements Turning Insights Into Action Strategic Goal 4: Ensuring Organisational Sustainability Objective 14 Service excellence Objective 15 Infrastructure that supports our goals 17. Leverage Analytics and Financial System Functionality 18. Service Excellence 19. HRIS Program Turning Insights Into Action Process Improvement Efficiency/Service Quality FBSC Service Delivery Model Objective 16 A strong financial base 20. Investigate & provide recommendations on capital raising opportunities 21. External Financial Audit Stewardship Opportunities for Commercial Investment FBSC Service Delivery Model 22. Improve diversification of ECU s revenue sources Opportunities for Commercial Investment Strategic Goal 4 1 Key Themes for 2018 Process Improvement: Efficiency / Improved Service Quality Turning Insights Into Action Legend FBSC Teams Responsible Financial Services Strategic Procurement and Business Services FBSC Roles 23. Develop, implement reporting model for subsidiaries, JV, controlled entities 24. Provide financial modelling and advice for Aged Care Facility initiative Opportunities for Commercial Investment Funding Model / Budget Improvements 3 Opportunities for Commercial Investment Resource Planning Stewardship 4 4 FBSC Service Delivery Model Funding Model / Budget Improvements Enterprise Analytics and Performance Improvement Commercial and Investment Services 2 Research Commercialisation Operations

3 2 FUNCTIONAL ALIGNMENT Today s finance function is expected to play four diverse and challenging roles. The two traditional roles are: Stewards, preserving the assets of the organisation by managing risk and getting the books right; and s, running a tight finance operation that is efficient and effective. Over the last number of years, it has become increasingly important for finance professionals to also be s, helping to execute strategy, and s, instilling an agile and value for money mindset throughout the University to facilitate performance improvement and achievement of University goals. For FBSC, on behalf of ECU, the challenge is to maintain the integrity of the Steward and elements (i.e. via compliance, efficiency, automation, etc.) and to work towards the provision of a balanced and efficient service delivery model. Simultaneously, an increased focus on the and activities will promote performance maximisation and fulfilment of Strategic Goals. STEWARDSHIP Accounting, control, risk management and asset preservation are the responsibility of the Steward. The Steward must ensure compliance with financial acts, regulations, standards, reporting and control requirements. Information quality and control rationalisation are top of mind issues for the Steward. OPERATOR Efficiency and service delivery are the primary areas of focus for the. The must dynamically balance costs and service levels while delivering the Centre s responsibilities, and adapt FBSC s operating model as necessary. Talent management, service delivery modelling and shared service decisions are often the key issues to be addressed. TRANSFORMER The is focused on contributing to the future of the organisation in order to enhance performance and University value (achievement of priorities). The provides a financial perspective on innovation and sustainable growth; leverages this perspective to improve risk awareness, strategic decisionmaking and performance management integration; and identifies investment opportunities and ensures returns are balanced (i.e. risk versus reward). CATALYST The is an agent for change, focused on establishing a value attitude throughout the organisation. The pursues agility and business alignment to identify, evaluate and execute strategies, and serves as a business partner to other decision makers including university leaders. The establishes a structure of enterprise accountability, supports enterprise execution with a focus on agility and action orientation.

4 Finance & Business Services 2018 Operational Plan The following table provides the detail of each agreed initiative, its agreed measure of success along with the eventual end of year assessment and rationale. Table 4 Initiatives Agreed Measure Assessment Functional Alignment FINANCIAL SERVICES Developing Expected Excelling (Stewardship///) SG1 2 Intern/Graduate Program Current year Intern and Graduate In conjunction with the School of Business and Law, further develop the FBSC Intern and Graduate positions recruited in alignment with the objectives of the program. accounting programs for ECU students and mentor candidates thereby building a foundation from which ECU graduates may build their careers. The intern and graduate intakes from the prior three years have maintained gainful employment and career progression in a relevant field. SG3 9 Offshore Campus and other International Activities Develop recommendations for Executive Delivering commercial support, financial analysis and taxation advice on the proposed campus in Sri Lanka (or other territory as may arise), including: o optimising the tax structure based on the commercial considerations; o development of supporting financial modelling for tax outcomes; and o Proving input into commercial agreements with counterparties. SG4 12 Leverage Analytics and Financial System Functionality Leverage analytics and functionality available to improve processes, gain efficiencies and improve the quality of information to influence decision making specifically via: o o o o o Leveraging the APPS+ upgrade to include automation and capability build to deliver more efficient processes; Leveraging implementation of the Overseas Student Health Cover (OSHC) into Callista to achieve efficiencies through removal of manual management of OSHC for students; Leveraging additional functionality available through the OneStop upgrade to provide additional security and other features; Developing asset Wizard in Expense8 to collate asset details for registrations; Developing electronic Asset decommissioning and Transfer forms; and consideration and approval. Operating model and financial reporting established. Tangible savings identified and delivered (staffing establishments).

5 o Leveraging PI/Robotic Process Automation to identify and deliver improvements. SG4 21 External Financial Audit Manage financial processes and controls to achieve ECU s financial objectives within the legislative obligations with a clean audit opinion on the 2018 Annual Financial Statements. Receive an unqualified audit opinion for the full year financial statements, with no critical or major management findings cited. Stewardship

6 Initiatives Agreed Measure Assessment Functional Alignment STRATEGIC PROCUREMENT AND BUSINESS SERVICES Developing Expected Excelling (Stewardship///) SG2 6 Research Reporting / Acquittal Processes Reporting deadlines achieved. Stewardship Review all external research financial reporting/acquittal processes to identify opportunities to simplify, maximise staff productivity and ensure ECU s ability to fulfil reporting obligations in accordance with funding agreement requirements. Opportunities for improvement identified and delivered. SG2 7 Strategic Research Budget Model Due diligence on all allocations In conjunction with the Director and DVC(R), manage completed. multi year Strategic Research Budget model, ensuring sufficient funding for priority research schemes such as Collaboration Enhancement and Industry Collaboration. Research income growth. SG4 13 Procurement Hub and Process Improvement Procurement spend (able to influence) Deliver $2 million in savings on addressable procurement spend (hard and soft savings). reduced by $2 million. Participate in the University Procurement Hub activities on the basis to achieve savings through aggregated purchases with other universities. SG4 17 Leverage Analytics and Financial System Functionality Increased efficiency and removal of paper from workflows. Leverage functionality available in Ascender, Oracle EBS and other financial systems to improve processes and gain efficiencies. SG4 18 Service Excellence Improve the efficiency and effectiveness of support services operations through the use of Enterprise Resource Allocation Modelling and Benchmarking. SG4 19 HRIS Program Deliver HRIS Program of Works as agreed with the Chief Financial Officer and Director HRSC. Tangible savings identified and delivered (staffing establishments). Complete the UniForum benchmark activity study and identify opportunities for consideration by VP(CS) to incorporate into future budget plans. Delivery of projects as per agreed timelines and budget. Capacity released in accordance with Business Cases.

7 Initiatives Agreed Measure Assessment Functional Alignment OPERATIONS Developing Expected Excelling (Stewardship///) SG2 8 Supporting Research Growth Provide: Research revenue achieves budget. Assistance with the preparation of research grant applications; Assistance in financial orientation of new Research Professors; Training for academics on research reports/ dashboards; and Insight into research performance in order to drive better decision making, superior resource allocation and improved grant application success. SG3 10 TNE Financial Support TNE proposals costed and feedback Provide commercial advice and financial support to assist provided to Schools. Executives assess and implement new sustainable TNE (Transnational Education) arrangements. Approved TNE proposals have undergone financial viability analysis.

8 Initiatives Agreed Measure Assessment Functional Alignment RESOURCE PLANNING Developing Expected Excelling (Stewardship///) SG1 1 Online Delivery Funding Model Online partnership financial model Develop the ECU funding allocations to support online accepted by University Executive. delivery through partnerships or by ECU Schools. Online internal financial model accepted by University Executive. SG4 14 Budget and Resource Allocation Processes Budget and reforecast submitted on Manage the University 2018/19 Budget and reforecast processes incorporating five year student load and financial forecasts and provide timely and accurate information at key decision points in order to improve the quality of operational decision making. time and meet Council financial targets. SG4 15 Align Resource Allocation Model to ECU Strategy and changes to regulations Resource allocation model principles and design approved by VP(CS) and CFO and Review resource allocation model s principles and budgeting processes to align with ECU s updated strategic direction. accepted by University Executive.

9 Initiatives Agreed Measure Assessment Functional Alignment ENTERPRISE ANALYTICS AND PERFORMANCE (Stewardship///) Developing Expected Excelling IMPROVEMENT SG 1 3 Retention Analysis Dashboard to assist in the analysis of Develop the systemisation of retention reporting for and decision making for retention. Schools, allowing for dashboard to report on the Student retention metrics dropout rates, retention and Weighted Average Mark at both high level and decision Develop and deliver the paper providing insights and recommendations to improve retention across the University. making level. Revised dashboards for course and unit Revised retention paper Use PVC(E) s existing report as template for an annual review report. co ordinators based on feedback on existing options. Development of predictive model to replace Connect for Success as leading predictor of student retention. Develop prototype of retention predictive models in consultation with Reporting for coordinators (course and unit) to allow for improvements leading to improved retention indicators CLT managers. SG1 4 Course and Unit Offering System (CUOS) addressing information gaps to improve key resourcing issues Changes are implemented in time for the 2019 timetabling process. In collaboration with the School Finance teams, deliver a document that addresses how we can further improve / fill in information gaps to address resourcing issues. Reporting is enabled on efficiency of resource allocation. More efficient allocation of resources by Obtain consensus from Schools and School Finance schools becomes possible. teams on required actions. Work collaboratively with School Finance teams and School Operations Managers to implement recommended changes into the 2019 timetabling process. Implement reporting on resource allocation. SG4 11 Extend the scope and footprint of Performance Improvement (PI) across ECU Develop and present a paper highlighting key lessons learnt and opportunities for improvement in building traction for the PI program within ECU over 2018 including expanding scope of the program to AI (and/or relevant emerging technologies). Scale the PI program by developing and implementing five new improved / automated processes across Service Centres and Schools over Control, sustain and monitor existing PI processes with the view to embedding a continuous improvement cycle for all improved / automated processes. Build ECU s industry footprint in performance improvement through use of emerging technologies. Costing courses and units is made easier due to improved information regarding allocation of resources to unit instances. PI 2018 paper delivered and endorsed by relevant stakeholders. Operational savings of $200,000k % improvement in service and quality. Visible improvement of controls. Publish two ECU PI RPA case studies in agreed forums.

10 SG 4 16 Strategic Human Resources Review strategic reporting capabilities within the Human Resources Service Centre and deliver any new or amended requirements. Upskill nominated resources in the development of solutions within the Tableau product suite. All current HR reporting reviewed and amended as required. New initiatives identified and delivered. Athena SWAN dashboard developed and delivered. Academic Performance Report P2 developed. HR Tableau resources developing and deploying content.

11 Initiatives Agreed Measure Assessment Functional Alignment COMMERCIAL AND INVESTMENT SERVICES Developing Expected Excelling (Stewardship///) SG2 5 Review Research Commercialisation procedures Operating model reviewed and agreed Evaluate suitable operating model for the management of ECU research commercialisation: changes implemented as per plans. o Review policies, procedures and responsibilities of research commercialisation; o Discuss with stakeholders; o Recommend improvements. Implement approved changes relevant to FBSC. SG4 20 Investigate and provide recommendations on Shadow rating obtained. capital raising opportunities for ECU Real rating achieved (subject to approval Obtain a shadow credit rating and, if suitable, undertake to proceed). the process to achieve a formal credit rating for ECU. Capital raising initiatives presented for Evaluate capital raising options. approval. Progress debit capital market raising, if suitable. Approved initiatives implemented. SG4 22 Improve diversification of ECU s revenue sources through undertaking commercial and investment initiatives. Increase in commercial and investment revenue. Evaluation of opportunities as they arise. Approved corporate structure Evaluate and recommend an appropriate corporate structure to efficiently manage ECU investments and commercial operations. implemented. SG4 23 Develop and implement the Finance reporting model for subsidiaries, JV and other controlled entities for all St Stephen s College operates as per approved financial projections. reporting levels at ECU. Reporting of subsidiaries, JV and other Integrate St Stephen s College (SSC) financial operations into ECU s. controlled entities to ECU committees is developed and accepted. Monitor SSC budget and financial outcomes. Integrate other subsidiaries, JV and other controlled entities into ECU operations. SG4 24 Provide financial modelling and advice for Aged RFP responses analysed. Care Facility initiative. Options presented for approval. Evaluate responses. Subject to approval, financial structures Oversee internal financial modelling to assist with decision making. established for the initiative.

12 FBSC 2018 Operational Plan Sign off Dean/Director Signature Vice Chancellor/Senior Executive Signature Title: Chief Financial Officer Date: Title: Vice President (Corporate Services) Date: Review of FBSC 2018 Outcomes Sign off (December 2018) Dean/Director Signature Vice Chancellor/Senior Executive Signature Title: Chief Financial Officer Date: Title: Vice President (Corporate Services Date: